Question - Presented below are selected transactions at Ridge Company for 2017.
Jan. 1 Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $61,300 on that date. It had a useful life of 10 years with no salvage value.
June 30 Sold a computer that was purchased on January 1, 2014. The computer cost $36,000. It had a useful life of 5 years with no salvage value. The computer was sold for $14,000.
Dec. 31 Discarded a delivery truck that was purchased on January 1, 2013. The truck cost $36,000. It was depreciated based on a 6-year useful life with a $3,000 salvage value.
Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ridge Company uses straight-line depreciation.